Britain is no longer in a technical recession
Figures released this morning by the ONS showed that GDP grew by 0.6 percent in the first quarter of 2024, after two quarterly contractions.
Services grew by 0.7%,Production grew 0.8% but worryingly Construction fell by 0.9%
The figures mean that the UK was the joint fastest growing economy in the G7 in the first quarter of 2024.
Responding to the news Alfie Stirling of the Joseph Rowntree foundation said:
The end of a technical recession will mean little to millions of low-income families who find themselves under greater pressure now than at any time since the pandemic” adding that
“Preoccupation with marginal changes in GDP growth from both government & opposition, at a time when families are still struggling to even put food on the table, smacks of complacency.”
“The UK is in a 2nd decade of stagnation. Failure to recognise the scale of the challenge bodes poorly for finding solutions.
A serious plan for hardship must focus more on how economic power & resources are distributed today, than on the decimal points of future growth.”
